Geregu Power Plc has reiterated its plans in the Nigerian power sector, as the first listed power generating company on the Nigerian Exchange Limited (NGX), the company claims it is to support President Bola Tinubu’s power sector reforms. As part of its listed commitments in the power sector, the company says it is aligning with new standards, amid the attainment of ISO 9001 and 14001 certifications from the Standard Organization of Nigeria (SON). Speaking to journalists at the 12th Annual General Meeting (AGM) on Friday, 29 March, one of the company’s independent non-executive directors, Doron Grupper said that the company has invested $550 million in plant transformation. He said, “From the beginning, we invested 100 million Euro to bring the capacity to 435 MW after the purchasing of the plant. Right now, we have invested another 100 million Euro to bring us to 200 million Euro and including the purchasing altogether, we have invested 430 million Euro.
Now, we are planning to invest much more because we hope to increase the capacity of the power station to 1300 MW once the issue with the federal government is resolved.” He noted that the present administration was doing what was necessary to revive the power sector, stressing that the management of Geregu Power was watching the Federal Government’s direction before taking necessary actions. At the AGM, the shareholders approved the board of directors’ N20 billion dividend payouts for the 2023 financial year, the re-election of two directors retiring by rotation and authorized the directors to fix the members of the auditors, among other resolutions. Speaking to shareholders, the chairman of Geregu Power, Femi Otedola, stated that the N20 billion dividend payout was a testament to the company’s strong financial position and dedication to delivering shareholders value.
